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06. Investment Grade Bond Index

Data as of

About the Index

(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity over 5% each. (3) Removing funds with non investment grade bond exposure over 35%. (4) 90-day average trade dollar $ liquidity over $200K. (5) Adding funds classified as Taxable Municipal Bond Funds on CEFdata.com. Equal weight each fund for the index. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,410.11 0.20 0.25 1.64 2.62 10.15 22.92 8.41 8.22 0.64 0.64 1.81
NAV 1,329.15 0.11 -0.02 1.15 0.46 6.15 18.00 6.29 6.84 0.88 0.88 0.09
Difference -0.08 -0.27 -0.49 -2.16 -4.00 -4.92 -2.12 -1.38 0.24 0.24 -1.72
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price -0.19 0.06 1.30 1.17 - - - - - - - - - - - - - - -
NAV 0.19 -0.45 -0.53 -0.79 - - - - - - - - - - - - - - -
Difference 0.38 -0.51 -1.82 -1.95 - - - - - - - - - - - - - - -
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 2.13 -5.14 -13.53 -16.23 5.87 4.66 1.45 12.41 -5.84 4.59 -0.28 -1.69 2.53 -0.71 7.12 2.77 9.30 12.07 5.53
NAV 1.78 -0.01 -13.10 -11.57 4.38 2.93 2.25 9.86 -2.85 3.31 0.50 -0.69 3.11 0.26 4.60 2.17 7.15 10.48 7.33
Difference -0.35 5.13 0.43 4.67 -1.49 -1.73 0.80 -2.56 2.99 -1.28 0.79 1.00 0.58 0.98 -2.52 -0.60 -2.15 -1.59 1.80
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 6.42 1.60 1.77 10.04 0.35 0.56 3.09 4.04 14.48 1.99 -0.17 0.87 2.69 1.32 0.42 2.10 3.88 6.67 22.13
NAV 3.60 0.75 1.38 5.82 0.85 0.91 2.56 4.38 10.45 0.88 0.64 -0.15 1.38 0.79 0.06 1.46 2.31 3.73 14.57
Difference -2.82 -0.86 -0.39 -4.23 0.50 0.35 -0.53 0.35 -4.03 -1.10 0.82 -1.01 -1.31 -0.53 -0.36 -0.64 -1.56 -2.95 -7.55
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -0.07 -1.09 0.44 -0.73 -0.06 -0.20 0.01 -0.25 -0.97 1.74 0.44 -0.75 1.42 -4.22 0.47 -0.17 -3.93 -2.57 -3.51
NAV 0.67 -1.06 0.18 -0.21 -0.54 -0.33 -0.76 -1.62 -1.83 1.30 -0.59 0.36 1.06 -1.59 -0.22 0.08 -1.73 -0.69 -2.51
Difference 0.74 0.03 -0.26 0.51 -0.48 -0.13 -0.76 -1.38 -0.86 -0.44 -1.03 1.11 -0.36 2.63 -0.69 0.25 2.20 1.87 1.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.63 1.79 -0.30 4.16 1.99 1.51 0.93 4.49 8.83 2.12 0.27 0.26 2.66 -0.10 -1.61 1.42 -0.32 2.34 11.37
NAV 1.68 1.56 0.15 3.42 1.37 1.31 0.53 3.24 6.78 1.33 1.06 -0.04 2.36 0.45 0.23 0.66 1.34 3.74 10.77
Difference -0.95 -0.23 0.44 -0.74 -0.62 -0.19 -0.41 -1.24 -2.06 -0.79 0.79 -0.30 -0.30 0.55 1.84 -0.76 1.66 1.40 -0.61
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price 0.37 0.70 6.06 7.20 2.29 0.28 3.02 5.68 13.29 3.06 1.48 -0.65 3.90 -2.72 -3.16 1.98 -3.93 -0.18 13.09
NAV -0.06 -0.03 3.16 3.08 2.17 -0.06 2.21 4.36 7.57 2.26 0.70 0.45 3.43 -0.30 -2.90 0.95 -2.27 1.09 8.74
Difference -0.43 -0.73 -2.90 -4.13 -0.12 -0.35 -0.81 -1.32 -5.72 -0.80 -0.78 1.10 -0.47 2.42 0.26 -1.03 1.66 1.27 -4.35
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 2.92 -0.19 -1.07 1.63 1.35 -1.61 -3.87 -4.14 -2.57 -1.08 -1.83 -0.61 -3.48 5.21 -0.80 -1.16 3.16 -0.43 -2.99
NAV 1.38 0.10 -0.20 1.28 0.74 -0.58 -1.41 -1.25 0.01 -0.27 -1.31 -0.95 -2.51 1.80 -0.09 -1.56 0.13 -2.39 -2.38
Difference -1.54 0.29 0.87 -0.35 -0.61 1.02 2.46 2.88 2.59 0.81 0.51 -0.34 0.97 -3.40 0.71 -0.40 -3.03 -1.95 0.62

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
2.19%
1Yr Disc
-0.52%
3Yr Disc
-0.32%
5Yr Disc
-1.12%
Rel Disc Range (3yr)
76.67%
Mkt Yield
6.77%
Lev Adj NAV Yield
5.61%
After Tax Yield*
5.37%
Est Tax Friction*
1.40%
3Yr NAV Volatiliy
7.84
1 Yr RoC
22.27%
3 Yr Dest RoC
10.88%
Leverage
24.61%
Non Lev Exp Ratio
1.14%
Beta (2yr)
0.32
Equity Exposure
1.74%
Bond Exposure
95.66%
# Holdings
36
Cash Weighted Duration
6.60
Comp NAV TR
-2.82%
Comp Discount
1.10%
Net Assets (M)
584
Liquidity - 90d (K)
2,024
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


36 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BHK BR Core Bnd Tr BlackRock 2.76 -1.38 5.71 0.14 32.23 857 2,337
BKT BR Incm Tr BlackRock 2.77 0.00 6.73 23.56 26.44 391 1,410
BTZ BR Cr Alloc Incm Tr BlackRock 2.76 -4.68 6.86 19.10 29.41 1,439 3,134
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 2.76 -11.21 6.31 0.00 24.73 448 1,481
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 2.88 -5.85 7.89 31.48 28.00 883 2,636
FAM FT/Abd Glbl Opp Incm Fd First Trust 2.73 -4.80 9.68 57.94 28.82 106 551
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 2.83 -5.45 7.29 35.72 28.97 288 676
GDO WA Glbl Corp Dfin Opp Fd Franklin Templeton 2.80 -4.11 6.83 11.85 27.79 276 680
IGI WA Inv Grd Dfin Opp Tr Franklin Templeton 2.75 -0.98 3.76 1.63 0.00 232 503
IHIT Invsc Hi Incm 2023 Tgt Trm Fd Invesco 2.79 1.97 6.42 0.00 27.00 220 792
INSI Insight Sel Incm Fd Cutwater 2.69 -6.34 4.01 0.00 0.00 228 334
JHS JH Incm Sec Tr John Hancock 2.71 -3.77 5.14 0.00 33.24 185 247
MGF MFS Govt Mkt Incm Tr MFS 2.76 -2.22 7.47 70.33 0.00 147 625
MIN MFS Imd Incm Tr MFS 2.72 -3.17 8.85 53.81 0.00 439 1,843
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 2.78 -11.13 4.66 0.00 0.00 207 513
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 2.85 13.02 9.15 1.38 43.61 3,039 12,083
PCM PCM Fund PIMCO 2.82 21.83 8.27 0.35 37.08 111 233
PCN PIMCO Corp & Incm Stgy Fd PIMCO 2.83 22.94 7.66 0.41 32.67 586 1,353
PDI PIMCO Dyn Incm Fd PIMCO 2.87 17.99 9.11 0.00 40.09 1,711 9,779
PFL PIMCO Incm Stgy Fd PIMCO 2.78 13.43 9.01 4.53 33.77 359 1,527
PFN PIMCO Incm Stgy Fd II PIMCO 2.80 10.81 9.28 3.17 33.31 708 2,655
PHK PIMCO Hi Incm Fd PIMCO 2.79 14.94 8.51 0.00 34.15 786 3,047
PIM Putnam Mstr Imd Incm Tr Putnam 2.71 -5.17 6.26 45.03 0.00 228 584
PKO PIMCO Incm Opp Fd PIMCO 2.85 15.69 8.45 0.00 45.00 485 1,815
PPT Putnam Prmr Incm Tr Putnam 2.71 -3.65 6.57 44.17 0.00 504 1,364
PTY PIMCO Corp & Incm Opp Fd PIMCO 2.84 31.47 8.37 4.79 41.26 1,248 6,755
RCS PIMCO Stgc Incm Fd PIMCO 2.82 13.76 8.23 0.00 22.66 290 1,089
TSI TCW Stgc Incm Fd TCW 2.77 -4.24 3.89 0.00 0.00 282 754
VBF Invsc Bnd Fd Invesco 2.67 -6.48 3.51 1.92 0.00 235 517
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 2.81 -0.25 9.92 59.54 26.96 137 670
WEA WA Prmr Bnd Fd Franklin Templeton 2.74 -4.47 5.70 0.00 27.90 173 372
WIA WA Inf-Lnk Incm Fd Franklin Templeton 2.78 -7.33 2.93 2.11 32.60 325 389
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 2.79 -11.15 3.23 48.83 31.40 845 1,503
BBN BR Taxable Muni BndTr BlackRock 2.75 0.16 5.71 4.55 32.77 1,414 4,799
GBAB Gghm Taxable Muni Bnd & Inv Grd Dbt Guggenheim Funds 2.79 4.32 6.38 10.23 41.57 461 1,686
NBB Nuv Taxable Muni Incm Fd Nuveen 2.77 0.58 5.29 0.00 36.61 620 1,355

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2019. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2019. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %